AND don't neglect getting a survey done - even if the development is new!

Aunt Susie may lend you 100%, no appraisal, no survey, no inspections and close tomorrow.

Those that will succeed will not only work hard, but they will expand their general real estate knowledge, they will know the basics, understand financing even if they can't get a loan, they will know the math, they will know how to value a property before and after repairs, they will understand title requirements, have a good idea of surveying issues, what deeds are used in different situations, they will know material costs, insurance issues, closing requirements.....I could go on, but you get the idea.

After purchasing land to build a home on, it usually takes a few months to do surveying, site and soil evaluation for foundation/septic/well (if necessary), and other paperwork.  

She also thought there was a potential to split a lot off the property which I have found that is not a possibility by the building dept. or a survey co.My intention was to offer her 130,000, utilize a hard lender for this and 50,000 rehab and I have 50,000 for "skin in the game".

Proper due diligence includes an Asbestos Survey, Lead (paint and ceramic tile) Survey, Property Condition Assessment (ASTM E2018 - I helped write it), and for many properties, a Phase I Environmental Site Assessment.

Finally, if you don't yet have a tenant in the place, the rental market survey on the appraisal will determine the amount you qualify for.Hope this helps.Robert Sepulveda

I'm not sure what @Trace S. used but there is tons of data out there.IMO never substitute data from state wide or metro wide averages for your own geographic rent survey.

Do yourself a favor and do a rent comp survey of the area.  

@Amy ZemserYou can use Rentometer.com to conduct a rental survey to get a sense for the rental rate you should set them at.